Young newly marrieds in 2005 could buy with the hope of avoiding 'being priced out of the housing market' ... today the marraige rate hit a new low ... less demand but less existing houses for sale because the manipulative bankers do not put the shadow, foreclosed, non performing homes up for sale creating a fake shortage and a fake supply/demand equalibrium...a manipulated price rise from a manipulated shortage ... all permited and allowed by banking regulators not enforcing existing regulations on nonperforming mortgages
2013's manipulated housing bubble comes from financial falsehoods under Obama's corporatist agenda to enrich the already rich.
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June home sales fall 1%; median price $214,200
July 22, 2013
Story Highlights
June's annual sales rate of 5.08 million is below forecast for 5.27 million pace
Drop in distressed sales accounts for the dip in overall purchases
Economists say report doesn't change outlook for further improvement
Existing home sales fell more than 1% in June as the supply of homes for sale remained tight and short-sales and purchases of foreclosed homes dropped.
Sales fell to a seasonally adjusted annual rate of 5.08 million, the National Association of Realtors reported Monday. Economists had expected an annual pace of 5.27 million, according to a Bloomberg survey.
May's annual sales rate was revised lower, to 5.14 million from 5.18 million.
Economists said the report was solid, the latest in a series depicting a housing market in recovery from a post-2006 bust that wiped out more than $7 trillion in home equity and led to millions of foreclosures.
Distressed sales accounted for 15% of June's overall sales, down from 18% in May and the lowest share since October 2008, the Realtors' reported.
``Although sales were down a bit, don't panic: the drop was all in distressed sales,'' said Jed Kolko, chief economist for real-estate site Trulia.com. Non-distressed "sales rose month-over-month and are up 32% year-over-year. Plus, good news for buyers: inventory expanded for the fifth month in a row. ... More inventory means home price gains should slow down.''
The report doesn't shed any light on whether higher mortgage rates are hurting sales, Moody's Analytics economist Celia Chen said. The June report reflects sales contracts that were agreed to before rates began rising, and took several weeks to close, she said.
``I'm not changing my forecast that sales are trending up,'' Chen added. ``The drivers are in good shape. Job growth has been about 200,000 a month and housing is very affordable.''
Housing inventory rose to 5.2 months at last month's sales rate, up from 5 months in May, but listed inventory is 7.6% below a year ago, the Realtors association said.
The national median existing home price was $214,200 in June, up 13.5% from June 2012.
www.usatoday.com/story/money/business/2013/07/22/existing-home-sales-june/2574103/